Managing your Student Loans

While every student wants scholarships and grants, not everyone can cover the entire cost of college through these options. Loans can make your education possible and affordable. When exploring loan options, you should consider federal student loans before any private or alternative loan. Federal student loans usually have lower interest rates, flexible repayment plans, no prepayment penalties, and no credit checks (except for PLUS Loans).

Since a loan is money you borrow and must pay back with interest, you need to understand the terms and conditions of your loan(s) before you borrow. In many cases you may be able to borrow less than what has been offered to you in loan funding. As a matter of fact, the College encourages you to borrow only what you need!

Entrance Counseling

New student loan borrowers are required to complete entrance loan counseling. Entrance loan counseling is a mandatory information session that explains your responsibilities and rights as a student borrower.

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated and what deferment and cancellation provisions are available to you. You must sign your MPN (and entrance loan counseling if required) before loan funds can be disbursed.

All students who graduate, withdraw, or drop below-half time must complete exit loan counseling. Exit counseling ensures that you understand your rights and responsibilities as a borrower. You will receive information about repayment choices, postponing repayment (deferment and forbearance), and other valuable data regarding the details of your loan.

The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for federal student aid. From here you can view your federal loans, grants, and overpayments. If applicable, you can also view the status of your loans that are subject to subsidized usage limits.

Loans funded by the federal government are a great way to assist you with paying for your education. Because a loan is borrowed money you must repay it with interest. There's a lot to consider when it comes to repaying your federal student loan(s). Understanding the details of repayment can help you save time and money. Click on the hyperlink below for information about repayment from the Federal Direct Loan Program.